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Definition Trust Services

A trust is, generally speaking, a device whereby a trustee manages property for one or more beneficiaries.

 

A trust ordinarily involves at least three parties, but three different persons are not necessary for a trust to exist. One person can wear two, or even all three, hats.

The Trustor is the Maker, Creator, Donor, Settlor or Grantor of a trust. In other words, it is "you." The trustor is responsible for changing the title of ownership of each and every asset which is to be transferred from the trustor's name to the trust. Merely executing a trust agreement does not in and of itself cause a transfer of property into the trust. Separate transactions are required for each asset.

The Trustee is the party who manages the trust's assets in accordance with the terms of the trust agreement and holds legal title to the trust property.

And finally, The Beneficiary is the party entitled to receive from a trust any benefit of whatsoever kind or character, and therefore owns the equitable interest in the trust.

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Trust Accounts are not covered by FDIC insurance.